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and no entitle. reforms. >> his budget apparently will make no effort to address our debt and deficit. >> we'll sit down with leaders of the congressional budget committee. republican senator rob for theman and democratic congressman chris van hol en. plus, arizona governor jan brewer vetoes a bill that would protect religious freedom over gay rights. bu but other states may take up similar measures. and our power players of the week. they're making the please don't touch signs at mee seuseums a t of the past all right now on "fox news sunday." and hello from fox news in washington. we begin with a fast moving develop. in ukraine. president obama spoke with russian president putin and said the u.s. will suspend planning for the g-8 summit in sochi this summer. britain and france just joined the u.s. but putin got approval from the russian parliament to send troops into ukraine. and the russians have seized control of the crimean peninsula without firing a shot. ukraine's government says we are on the brink of disaster and is asking the u.s. and europe for help. let's get the latest now from
opportunity for americans. at a time when our deficit has been cut in half, it enables us to meet our obligations to future generations without a mountain of debt. this adheres to the spending principles members of both houses and both parties agreed to. it also builds on that progress with what we are calling an opportunity, growth, and security initiative, that invests in our economic priorities in a smart way that is fully paid for by making smart spending cuts and closing tax loopholes that right now only benefit the well-off and well-connected. i will give you an example. right now our tax system provides benefits to wealthy individuals who save, even after they have amassed multimillion dollar retirement accounts. by closing that loophole, we can help create jobs and grow the economy, and expand opportunity without adding a dime to the deficit. we know the country that wins the race for new technology will win the race for new jobs, so this budget creates 45 high-tech manufacturing hubs where businesses and universities will partner to turn groundbreaking research into new indus
loophole -- that would reduce the deficit with 3.4 trillion in new revenue. will be onell capitol hill defending the budget. as will chuck hagel and jack lew. will travel to new hampshire to rally support for the budget. before that, we will focus on the proposal, getting your take and drilling down into your numbers. democrats, (202) 585-3880. republicans, (202) 585-3881. independents, (202) 585-3882. send us a tweet, @cspanwj. we can also read your comments on facebook.com/cspan and you can e-mail us at journal@c-span.org. here's what the president had to say about his budget. [video clip] we have to decide if we're are going to make smart investments. our deficits are falling at the fastest rate in 60 years. we have to decide if we're going to keep squeezing the middle class or reduce deficits responsibly while taking steps strengthen the middle class. approach my budget offers. that is why i will fight for this year and in the years to come. talking about his $3.9 trillion budget. this is president obama's 2015 budget, it spends too much, borrows too much, and taxes too much. it re
with a deficit reduction plan similar to republicans', democrats', and the administration's. during that time, he reached across the aisle to try to make the supercommittee work, to help it meet its mandate. he offered a compromise that included spending cuts in exchange for tax revenue. unfortunately, his compromise and the other compromise discussed did not make it through. the committee, in a sense, failed to come to conclusion to propose to the senate and the house a compromise that could be lived. .. >> i want to welcome the senator from pennsylvania senator to me. >> toomey. >> excuse my voice it sounds worse than it is. think you for having me today and for his kind introduction and from universal health services it was allen's idea that i'd be invited to speak with you this morning and i appreciate that but i was a little surprised to be honest because allen knows about my notorious weaknesses with the public speaker and invited me any way. i say notorious for meet -- for be the department of public speaking made clear by only a smile -- of small child. i have three little kids into are n
in the federal budget deficit was the major had planned. the next figure shows the largest for your reduction of the deficit mobilization of world war ii. ended fiscal year 2009 has fallen by 5.seven percentage points cheapie and nearly half of that happened of the last fiscal year alone. the private sector continued to power through the spending caps of 2011 of the payroll tax holiday is indicative of the economy. of those such help to bring about the deficit reduction as a balanced approach to making progress to sustainability there were necessarily compounded by the sequestration in march and with the shutdown in october it took a large bite out of fourth quarter gdp growth as well. i will say more about fiscal policy and a moment but that it would be considerably less of a head wind in the years to come. before i move on to the more forward part of my talk i want to make one last point about the economy's progress to put it in a context of what we have seen at around the world with recovery from financial crisis. we know it is longer, harder, the more difficult and with that regard to pre
on supporting the middle class then reducing the budget deficit through higher taxes for the bench. he's apparently during the midterm congressional elections in november. obama is calling for more works projects such as repairing roads and railways. he also aims to boost employment by introducing more vocational training. his proposals include tax cuts for lower income people and better pre school education. spending is set to slightly exceed three point nine trillion dollars while revenue is expected to increase to more than three point three trillion dollars as an economic recovery boost tax income. obama says the budget deficit will decline to five hundred sixty four billion dollars the lowest level in his presidency. we go to the side of the road you squeeze the middle class or for going to continue to reduce the deficit is responsible for all taking steps to grow and strengthen the middle class. republican house speaker john bain are strongly criticized the draft he said it was the most irresponsible. he said it would only increase spending and borrowing expanded governments and
spending in the future than was riginally projected. >> because they were projecting a deficit of 4% of g.d.p., how much does the health care calculations factor into that differential? >> the biggest difference is policy. you just quoted the c.b.o. number which assumes no policy. the president's policies would reduce the deficit by 1.8% of g.d.p. in the last year of the budget window. as a result obviously the deficit's a lot better with deficit reduction, which is what we are showing in our budget, than if you didn't have deficit reduction. which is what a budget baseline would show. there's some other technical differences between our outdear forecasts. they are mostly on the revenue ide not spending side. >> this is for anyone. do any of the participants know tax revisions vare frye from current law apart from the -- >> obviously we have a set of proposals in there, so one of he places where -- that's in our a -- assumed in our budget is that in the 2010 and 2012 budgets the president extended his increases for the refundibility in the child tax credit. the increases in the earned inc
for his domestic initiative while also strengthening the deficit. >> host: dan, republican caller. >> caller: i was just listening earlier to a caller talking about the epa, and they talked about bill companies getting all these breaks. based on what i've read and found out on the internet is a pay $60 million a day in places, in taxes. and how you going to pay that if you shut down the oil companies and the guy that's supplying the energy for the united states? >> host: where did you read they pay for leasing of the land and taxes? >> caller: that's just on the internet. >> host: zachary goldfarb, the oil companies and gas company to pay taxes and they do have to pay the federal government to lease these lands. >> guest: that's right. the reason the government thinks is there is its multiple. first, the government belief these are public lands in many cases and some some of the benefits of that oil and gas should spread the people in those committees and around the country and not just into the pockets of the company. secondly, there is enforcement, environmental regulations in t
's fiscal outlook. we have cut the deficit in half as a share of the economy, experiencing the fastest fury of deficit reduction since the demobilization of world war ii. the budget continues this progress. bringing deficits down to a share of the economy to 2% by 2023 and putting the debt on a declining path. we've seen a notable and significant decline in health care spending growth over the last few years, in part due to the affordable care act, we know that over the long run, the growth of the health care costs continues to be our nation's most pressing fiscal challenge. that is why the budget builds on the savings and reforms to health reform law with additional measures to strengthen medicare and medicaid and encourage high-quality and efficient health care. we also know that revenue has to be a part of the solution to our nation's long-term fiscal challenges. given the aging of our population and the declining ratio of workers to retirees, we will need additional revenue to maintain our commitment to seniors, while also making the investments that are needed to grow our economy and e
of the conditions applied. difficult steps need to be undertaken to raise as gas prices and trim budget deficits, but ukraine should be given a long enough pleased so these reforms don't strangle a nation. today dealing with threats to its very existence. second, crimea. russia has invaded ukraine. make the mistake. they have done so in violation of the united nations charter and the very accord that they signed in 1994 guaranteeing crimea's territorial security. no doubt vladimir putin will soar him as his ally in ukraine president's office in no doubt he didn't like the fact united states voiced his strong support for the right of a sovereign ukraine to make independent decisions about its future partnerships. and no doubt, he is infuriated that the ukrainian people are now on their way to getting their way. this is not a schoolyard. you don't get to push around weaker or just because you don't like them. this is a 21st century. the reason we belong to organizations like the united nations, the reason we negotiate treaties like the budapest memorandum is because we now understand after centuri
-murray, it is paid for with spending cut and tax reforms. it is deficit neutral. supporting what the president said in the state of the union, there is a series of programs to create jobs. it lays out $302 billion infrastructure proposal that is paid for with pro-growth tax. it strengthens the manufacture base and supports groundbreaking research to fight disease, protect the environment and develop new technology. it enhances the administration's management efforts to deliver a government that is more efficient and supportive of economic growth. and it will expand opportunity for all-americans. it doubles the maximum value of the earned income tax credit to encourage people to enter the workforce. and makes high quality preschool available to every four year old. and drive workforce training. it will focus on the primary drivers of long term debt and deficits. it builds on the forms of the affordable care act and continues to slow health care cost growth while improving the quality. it will curb tax breaks that benefit the wealthiest. it calls for pro-growth immigration reform. the deficit has bee
for me. >> since president has been in office we have reached the point where cutting the annual deficit in half to reduce the overall debt of united states by $3 trillion over the next 10 years. neil: i heard that it stuck with me i immediately said he just out to an allied made ising the debt is coming down it will shrink $3 trillion over the next 10 years? it is what. what will happen is it will grow $3 trillion less than rethought. that is a big difference. said debt will grow at 21. 3 trillion that is not the but the cbo. it is not the $3 trillion decrease but $8 trillion increase may be sheikh factors in those savings but so far that does not mean fear is less red ink. but with washington less than we feared so no need to fear. not so fast. it is a twisted way that the senator says we're making progress. because if you define progress then you must be forgetting you are digging a hole consists of a. it is time for the wake-up call the debt is getting bigger. that is like me saying i m projected to gain 50 pounds over the next decade but i am only gaining four days so i lost 10 poun
. no more bail outs and it will not add a dime to the deficit. 5.5 billion, and money to go to the insurance companies to make up for the fact that not enough young healthy people are applying for obama carry. only 25 percent of those are young and healthy. and marco rubio read the obama care bill and full health care law and found this provision, butied dope inside of obama care section 1342, is authorization for what is known for risk corridors. this means when companies lose money dow to not enough people signing up for obama care as has been the case so far, taxpayers get stuck for the bill. the administration is calling it a temporary poll of money. now, maybe if you believe that obama care wasn't going to cost a dime you buy that explanation. most of the time when the government sends money in companies tdoesn't get the money back. >> i was looking at a summery of the budget proposal yesterday, he conveniently leaves out a chunk of spending. 60 billion in tax credit to finance the private coverage of obama care. i mean, that adds to the the deficit, does it not. >> 60 billion by the wa
an earlier public comment the first is the structural deficit & those are the supporting services to keep the vehicles clean and maintained to train our operators, to reduce overtime or to adequately budget overtime we need to staff up in order to deliver the service plan we have today we've made a big dent adding $25,000 for the funding that brought our unanimous deficit down from 70 million down to 45. we want to keep dwindling that. and the most significant one and we'll hear about this on miracle 14 to add more service. the t e p will be recommending a 10 percent service increase based on the changes we've been contemplating as a result of the public feedback from the t pe meetings maybe a little bit larger than 10 percent. we'll be contemplating that as we look at expenditure changes and closing the deficit as well as putting more muni service on the streets. our two big things within muni. we have similar issues throughout the rest of the agency the controllers do audit of a number of years ago identified inadequate staffing and the signage and some of the other assets and starting
deficits and strengthens our long-term fiscal outlook. through additional health care reforms, tax reform and by fixing our broken immigration system. we recognize the importance of the bipartisan funding compromise reached by the congress and the budget shows the president's funding priorities at the 2015 spending levels that were agreed to in the deal. however, we believe those are not sufficient, both in 2015 and beyond, and to ensure the nation is achieving its fullest potential. for that reason, the budget includes an opportunity, growth and security initiative that is fully paid for. it's split evenly between defense and nondefense and it presents additional investments in things like education, research and manufacturing. building on the model established in ryan-murray, the initial tiff is fully paid for with a balance package of spending cuts and tax reforms, so it is deficit neutral. supporting what the president said in the state of the union, the budget includes a series of measures to create jobs and accelerate growth in the economy. for example, as the mdafferings announced
the annual deficit in half to reduce the overall debt of united states by $3 trillion over the next 10 years. neil: i heard that it stuck with me i immediately said he just out to an allied made i the debt is coming down it will shrink $3 trillion over the next 10 years? it is what. what will happen is it will grow $3 trillion less than rethought. that is a big didifference. said debwill grow at 21. 3 trillion that is not the but the cbo. it is not the $3 trillion decrease but $8 trillion increase may be sheikh factors in those savings but so far that does not mean fear is less red ink. but with washington less than we feared so no need to fear. not so fast. it is a twisted way that the senator says we're making progress. because if you define progress then you must be forgetting you are digging a hole consists of a. it is time for the wake-up call the debt is gettingg bier. that is like me sayi i m projected to gain 50 pounds over the next decade but i am only gaining four days so i lost 10 pounds. but i did not gain 40 pounds? it could have been 50 but fat chance we would die this. what do
time as governor. in my understanding the 2014 budget would reduce the projected deficit. general expenses were down by nearly $200 million during the second half of last year and expected revenue is up. the governor has made these efforts with the goal of having a balanced budget by 2015, something we could all work towards. a goal that i applaud as you know, as i understand and have seen progress is being made. the senate should do everything that we can to encourage economic development across our country, including in the commonwealth of puerto rico. we need to work as partners in the con -- in confronting its high energy costs, double-digit unemployment and continuing resolution. as we support self-determination, we should ensure that our focus on political status does not prevent us from addressing the immediate economic needs of the commonwealth of puerto rico. i want to thank you for the time to speak and join my colleague on this important issue and senator wicker, i look forward for your support of a fair and open process in looking forward to working with you on this. m
even further into record territory. >>> the treasury department says the country's budget deficit dropped to its lowest level in six years, during 2013. the federal deficit was $680 billion in the last fiscal year. that's down from about $1.1 trillion the previous year. cnn global economic analyst, managing editor of "time" magazine. so it's a dramatic -- about 15% drop in the deficit, which is still high, but a lot less than it used to be. what happened? >> well, in short, the country's growing again. we have been in a recovery for the last year. hasn't felt like one to a lot of people, but growing your way out of a deficit is always the best way to do it. that happened during the boom period of the clinton years, what a lot of people have been hoping would happen once we got past the fiscal headwinds in washington, that we get back on a growth path. what's interesting, though, there is actually a cbo study out looking at the longer term impact on budget deficits. and we have to keep growing faster in order to keep it down. we go back to a 2% economy, those numbers will tick righ
revenue and the deficit is the difference between what the government takes in and what it spends. many people confuse it with the debt which is what the government borrows to cover the deficit. an economic stock could be right around the corner. more on that coming up. and forget the fish that saved pittsburgh. we're going to tell you about the hockey arena that could save detroit. that and more as "real money" continues. >> the strength of the u.s. economy but the over all picture remains cloudy in part because of the weather. the biggest news was the revision to gross domestic product for the final three months of 2013. we'll learn more about that in a moment. but first, the contracts to buy homes edged up but less than economists expected, and is near a two-year low. as we reported the housing market has been hurt by this year's severe winter. we also learned that consumer sentiment rose slightly in february despite frigid temperatures and weak job growth in december and january. let's now talk about gdp. we learned that gdp slowed more than first thought after an impressive 4.1% ga
this bill would have increased the deficit. if you can run a deficit to go to war, you can run a deficit to take care of the people who fought in it. joining me is the chair of the senate committee on affairs, the senator from vermont. they said the multi-billion dollar bills face to make necessary reforms. what do you say to that? >> i say they're dead wrong and so does virtually every veterans organization in the country representing millions of veterans. chris, what i have learned since i've been chairman of the veterans committee is the cost of war is much deeper and more significant than i think most people know. we're talking about hundreds of thousands of young men and women coming back from iraq and afghanistan with ptsd and tbi. we're talking about 2,300 of you're soldiers who suffered wounds so that they're unable too have babies. we're talking in terms of older veterans, you have women, wives staying home taking care of disabled vets, 24 hours a day, seven days a week who get virtually no kinds of support from the federal government. you're talking about young people who were
. at the same time bush gave huge tax breaks to the wealthiest people in this country. ran up a huge deficit. then under obama the republicans come back. they say, gee, we have a terrible deficit. we're going to have to cut social security, medicare, medicaid, education, environmental protection. the needs of the kids' nutrition programs because of this deficit. so if you are asking me, do i this i that same set of policies will play out? more money for defense, then rising deficits and then cutbacks on programs that middle class and working families need? absolutely, that is what will happen. >> what is going to happen to these veterans, now, senator, if they're not going to get this kind of funding. there are a lot of veterans in this country that are being undercut, that are not being -- our obligation, we are not living up to our obligations because of war and budget cuts. so what does that say to the next generation thinking of a career in the military? >> that's a very important point. it says if we cannot keep faith with those people really hurting as a result of service to this count
convince the american people it would be different this time. >> i will. the worst budget deficit under george bush happened in his last term in office. that's when nancy pelosi was speaker of the house. budget ra $450 billion. president obama blew through those deficits. he had in excess of trillion dollar deficits year after year. what the republicans were able to do in the house is not continue that level of trajectory. has spending gone up? it absolutely has. but the level has slowed down and -- >> i get the feeling, congresswoman, maybe not you in particular, a lot of your party are giving up the fight and keeping the powder dry and hoping at the end of the year pick up more seats in the house and maybe take the senate and you bet you that will be the time when republicans get serious. but is that a lot to hang your hat on? >> well, what we need to hang our hat on is boosting the labor force participation rate. we're at the lowest level ever for anyone over age 16 actually having a job in the labor force and in a full-time capacity. that has to change. and unfortunately the preside
the affect this rain is having on our rainfall deficit. >> now spencer just showed us the rain hitting every corner of the bay area, we got good down pours in the city this afternoon. but wettest weather has been north and south of us. we have team coverage of the storm, abc7 news, nick smith and david louie are all live tonight. sergio, let's begin with you in the north bay. >> it's started coming down regularly now in novato people say they're really welcoming the rain, but they're getting ready for any problems that it my bring. >> a full day of rain was a welcome sight. >> a lot of rain this time. we need it. >> stewart rv and boat sales says her boat-selling has just started off. she's hoping more rain now will help with lakes this summer. >> just trying to get back into our really good season. this is going to help. >> in heelsberg rains came down enough for decent runoff but russian river is looking shallow. in santa rosa a drizzle prompted people to pull out umbrellas at lunchtime. and this team south of petta luma. with the problems, residents say it's well worth it. >> we need it.
this rain is having on our rainfall deficit. >> now spencer just showed us the rain hitting every corner of the bay area, we got good down pours in the city this afternoon. but wettest weather has been north and south of us. we have team coverage of the storm, abc7 news, nick smith and david louie are all live tonight. sergio, let's begin with you in the north bay. >> it's started coming down regularly now in novato people say they're really welcoming the rain, but they're getting ready for any problems that it my bring. >> a full day of rain was a welcome sight. >> a lot of rain this time. we need it. >> stewart rv and boat sales says her boat-selling has just started off. she's hoping more rain now will help with lakes this summer. >> just trying to get back into our really good season. this is going to help. >> in heelsberg rains came down enough for decent runoff but russian river is looking shallow. in santa rosa a drizzle prompted people to pull out umbrellas at lunchtime. and this team south of petta luma. with the problems, residents say it's well worth it. >> we need it. >> in m
are going to make up anymore of this deficit, it is going to happen in the next four weeks. i am happy to report it will keep happening. the rim of high pressure is now way down -- ridge of high pressure is now way down south. i had to zoom the map out to show places in california. the high pressure has gone on spring break. allows storms to ride up over top of the ridge of high pressure right into northern california. the ridge is no long raploching the rhode island it is actually giving it -- longer blocking the rain. rain overnight. rain will be done by the drive you drive back to work tomorrow. staying unsettled. another low pressure area with the same storm track on thursday. another one coming up over the weekend. san rafael 66. fremont 64. mountain view 66 degrees tomorrow. check out the highs. they will be close to 70 even with cloudy conditions. another round of rain on thursday. the two nicest days to ghettoed will be friday and saturday up into the low 70ed with sunshine. for the second half of the weekend, here comes the third wave of rainfall with highs in the upper 60s. n
deficit has been cut in half. it allows us to meet our obligations to future generations. from the heard president, deficit picture is looking better. much so that levels will be below where they were before the budget crisis. >> how do republicans react to away from the emphasis on deficit reduction act out >? >> john baeder came out and said that this was the most irresponsible budget yet of the obama has proposed. the president laster put out an all french to republicans and said he was willing to make changes to social security, medicare and other entitlement programs. those are all gone this year. for republicans to look at these budgets in the lines of what the established last year in terms of topline numbers under the agreement, this budget is something that will not move in the house of republicans. are viewed asts more of political documents as opposed to policy proposals. >> that really is right. especially this year. yep midterms coming up in november. the white house wanted to lay out policy priorities going forward to follow through on over the next eight months. the presid
when we saw a deficit and policy toion is being designed rebalance the economy's and we're seeing that happen. while the trade deficits are coming down, the demand for products from emerging markets, whether commodities or manufactured goods, that demand is not growing as fast as it was when trade deficits were expanding. the markets are going to find the environment stuff. what is the concern china or deflation? >> i don't think there will be deflation and i think we will see a long time of low growth. i don't think inflation will be a problem. of alarm also it's bells and i like to put the word demand in front of deflation. and thatalling wages means following command and a negative spiral. it is not just falling prices. is lots of sectors. you see groups and things like that. falling realu have wages that that is the problem. the cycle that japan went through and if you do not touch it at the right time, it is difficult to turn around. are we in a scenario like that? deflation and the specter of it hanging over us unless handled correctly. >> one of the characteristics of japan
speaker john boehner, and if you look at the deficit, it's been cut by more than half in 2009, the fastest deficit decline over a sustained period since world war ii, so would you acknowledge some progress is being made? >> yeah, i think it's a great point. if you look at the numbers, looks like quite a bit of progress has been made and the deficit has come down very quickly. that, of course, comes after a large rampup in the deficit where it grew by 800% before those four years, and i think more troubling is if you look at the nation's debt, where our debt levels are twice as large as they've been historically and are at historic highs and that's where the trouble is. while we've done a lot of deficit reduction, we've done it in the wrong way. we've focused on, i think, inadvertently through congress not being able to pick our policies on short-term measures that came out of the budget, which isn't where the problem is. what we should be doing is trying to replace those savings that came from the sequester that aren't as useful or long-term with more permanent and structural changes to en
issue right now, deficit, debt, from the ministrations point of view, it is not something are focusing on right now. >> take you for setting the scene. -- thank you for setting the scene. york, our guest host, we have the chart of earlier. it is a massive victory lap. can we get back to a surplus? can we get back to that surplus? >> that is certainly not on the near-term horizon. what is important to note, three years ago the deficit was 10% of tdp and this year, 3%. it wasn't pretty. it didn't look like the civics textbooks, but we have a lot of deficit reduction. we had the ryan murphy agreement. it basically takes fiscal policy off the table for the next two years. barring a dramatic or election outcome in november, the administration will be status quo for 2017. >> are you willing to say austerity in the u.s. worked while austerity in europe did not work question mark -- work? able to register economic growth. it has been sluggish. europe has not been able to pull it off and a big impact of the fed he been the economy supported. >> the former fed governor, wonderful textbook, i don
, and they really do look at me like i'm on medication when i tell them, the deficit is falling pretty sharply. this mode of fiscal restraint is grossly underappreciated. i will talk about that in a minute or two. this mood of fiscal restraint will persist as long as one thing continues and that is republican control of the house. toill leave it to dr. cook give us his analysis of where the houses added after the 2014 election. i think this theme has legs and will continue for quite some time. before this,d me what about all the gridlock in washington? i would agree that we look dysfunctional in this city but i would also say that we have had some fairly interesting breakthroughs in the last two or three months. we got a budget deal with paul ryan and patty murray. i think paul ryan is growing as a politician, not as reflexively conservative. i think he was willing to even look at some modest revenue increases. we got a farm bill. it wasn't great but we got a farm bill and most importantly, you see clear signs from the republican leadership in the house that they did not want a crisis over the
could save. liberty mutual insurance. responsibility. what's your policy? >>> the federal deficit plunged by more than $400 in the last fiscal deficit. the sharpest drop since the end of world war ii. alison kosik is in new york to tell us why this happened. >> the federal budget deficit is at its lowest level in five years. the deficit is the difference between what the government spends and takes in. that dropped to $680 billion in 2013. to give you some perspective, during the financial crisis, it shot up above $1 trill in 2009 as the economy tanked and government bailouts became the norm. here is why it is happening. the economy is getting better over the last few years. the deficit has been shrinking. also, we are paying higher taxes. all that means more revenue for the government. the government has cut back on spending. the republicans, they still insist that the budget deficit is still too large. if they are looking for a fight, they may not get it. congress agreed to a bipartisan budget deal. mid-term elections are coming in the fall. a strengthening economy is removing m
with opportunity for all americans. at a time when the deficit is cut in half this allows us to meet our obligations to future generations without leaving them a mountain of debt. to the balance in congress but it also builds up on that progress with what we are calling an opportunity, growth and security initiative, that invests in our economic priorities in a smart way that is paid for with smart spending cuts and closing tax loopholes that right now only benefit the well-off and the well-connected. i will give you an example. right now the tax system provides benefits to wealthy individuals who save after they have amassed multimillion dollar retirement accounts. by closing that loophole we can help create jobs and grow the economy, and expand opportunity without adding a dime to the deficit. we know that the country that wins the race for new technologies will win new jobs so this creates 45 high-tech manufacturing hubs where universities and businesses will work for groundbreaking technology for new jobs in america. part of the reason we're here today is because education has to sta
to the federal deficit. h.r. 3370 enables congress to develop a long-term solution that protects local economies and holds government accountable. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentlelady from maine seek recognition? >> to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection, the gentlelady is recognized for one minute. ms. pin grow: thank you, mr. speaker. mr. speaker, i want to talk for two girls from maine. they both celebrated their eighth birthdays last month and are in second grade. ms. pingree: since their presents are just days apart they decided to have a joint birthday present. instead of presents, they asked for people to bring the most needed items from the food pantry. there was never a suggestion from a parent or teacher to do this, they planned it all themselves. i agree with their teach whore said, these two girls have some of the biggest hearts she's ever seen. their compassion and generosity is inspiring and i want to recognize and
the deficit? because we all know nothing animates the republican party more than reducing the deficit. what's that you say? oh, it would increase the deficit by $74 billion over 10 years. impossible. of course, this bill is not going to become law. it is very instructive as a reminder that any actual commitment to legislating our complex business an teen health insurance regime will help create disruptions. the republican strategy to kill obama care has been to point to the disruptions it has created and it may create and say the end of the world is nye. if they ever got around to implementing their own plan, that would have its own disruptions. this friday, house majority leader eric cantor will meet with leaders to work on putting together what will be billed as the house republican alternative to obama care. here's my prediction. he could come out of that meeting with two dozen alternatives, but the republican party will actually get behind exactly none of them. not in any real way. that would mean grappling with the reality of reforming health care, and not just throwing stones from the
when our deficit's been cut in half, it allows us to meet our obligations to future generations without leaving them a mountain of debt. >> woodruff: the 2015 deficit would decline, to $560 billion, but republicans today said the red ink, spending hikes and tax increases mean the plan is dead on arrival. senate minority leader mitch mcconnell. >> rather than put together a constructive blueprint the two parties could use as a jumping off point, to get our economy moving and our fiscal house in order, the president has once again opted for the political stunt for a budget that's more about firing up the base in an election year than about solving the nation's biggest and most persistent long-term challenges >> woodruff: congressman paul ryan, the house budget chair, likewise called the obama plan a disappointment. in a statement, he said: >> woodruff: ryan offered an extensive critique yesterday of federal anti-poverty efforts. he's expected to release a republican budget proposal in the coming weeks. >> woodruff: some of the more notable pieces of the president's proposal, and expected
to the flood insurance program which is 24 billion in deficit spending. will this legislation put us further into the deficit? >> no, not at all. in fact, this bill, unlike the senate version which, you know there was a lot of discussion over the senate version, this bill is actually 100% paid for, and, generates about $165 million, according to the cbo, of revenue over five years. so it pays for itself. it is not a tax because it, it pays for itself only for those within the national flood insurance program. so if you're not in a flood zone and you don't have flood insurance, this doesn't affect you. but if you are in the flood insurance program and your primary residence you will pay a user fee to pay in the program of $25 a year. very reasonable. that will pay for the program. gerri: i got it tell you, 200 million over five years? that doesn't do anything over4 billion in debt the program is already n how will we pay that off? >> well it is still better than nothing. had we done nothing, there wouldn't be 165 million toward that debt. that is number one. second thing that number is not co
budget cuts through the 2011 deficit-driven tea party threat to default on the debt. and now chuck hagel is carrying those out and folks like senator rubio and other colleagues are saying we don't like the thing we made you do under the threat of default. >> there is no democrat that causes them more trouble than what 2ed cruz causes them. they don't have a majority in the senate, the republicans don't, because of ted cruz and his ilk who have been pushing these candidates who can't possibly win when they get the nomination. the democrats have to secretly be watching this and whatever, you know, personal dislike they have for cruz, they have to sit there in the senate and go we are so lucky that ted cruz is just ruining life for republicans in the senate. >> oh, yeah. democrats absolutely feel he's been a huge thorn in the side. he's a messaging nightmare. and when it comes to senate parliamentary procedure, which is something you and i happen to have the benefit of knowing a little bit about. he's also a liar. and it makes republicans look really bad. there is such a thing as a real fil
and timing shifts to pay for permanent rate cuts. it could increase deficits in the second decade. >> i think it will be the opposite. it will generate more revenue. add $700 billion in new revenues to help us pay down the debt. cuts can getending us to a balanced budget. >> you think by the second decade it will raise revenues because of the dynamics. >> in the first decade. >> you drew a parallel to the 1986 tax reform under president reagan. one of the differences is that under that measure, the earned income tax credit for the poor was vastly expanded. under this proposal it would be cut back. ofoman making a minimum wage $17,000, she will lose $2000 in 4-5 years. should the poor have to pay the burden? >> they do not. everyone making up to $100,000 sees a tax cut. and, average family takes home -- >> that is cut back a little bit. >> it is not. in my view, it was supposed to offset the payroll tax. unfortunately it has gone beyond that. it is refocus back on making sure p road taxes are offset. more families have that opportunity, and it is a create that poverty trap where the harder you
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